A Multiple Regression Analysis of Production and Export Factors on Modeling Crude Oil Prices (2006–2024)
Student: Usman Mustafa Mai (Project, 2025)
Department of Computer Science and Mathematics
Kashim Ibrahim University
Abstract
This study investigates the relationship between crude oil prices, production levels, and export volumes in Nigeria from 2006 to 2024. Using multiple regression analysis, the research examines how changes in production and export activities influence crude oil prices. The findings reveal weak positive correlations, indicating that both production and export have limited effects on price fluctuations. The regression model explains only a small portion of the variation in crude oil prices, suggesting that global market forces and external economic factors play a more significant role. The study recommends economic diversification and improved policy measures to enhance stability in Nigeria’s oil-dependent economy.
Keywords
For the full publication, please contact the author directly at: maimustafausman@gmail.com
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Institutions
- Hassan Usman Katsina Polytechnic, Katsina, Katsina State 5
- Heritage Polytechnic, Ikot Udota, Akwa Ibom State 46
- Hussaini Adamu Federal Polytechnic, Kazaure, Jigawa State 8
- Ibrahim Badamasi Babangida University, Lapai, Niger State 24
- Igbinedion University, Okada, Benin City, Edo State 2
- Ignatius Ajuru University of Education, Port Harcourt, Rivers State 8
- Imo State Polytechnic, Umuagwo, Owerri, Imo State 3
- Imo State University, Owerri, Imo State 46
- Institute of Management and Technology, Enugu, Enugu State 11
- Isa Mustapha Agwai I Polytechnic, Lafia, Nasarawa State 2